Sher Plastics’ 30 New York-based employees will form the face of Prym Fashion in the US, while the staff of 34 in Hong Kong will be incorporated into Prym’s existing operations there. Richard Sher will serve as managing director of Sher Plastics and Cindy Sher will serve as director, retaining part ownership of the company. Greg Adler will serve as director of administration for the company.
“Adding Sher Plastics to the company increases the global footprint of Prym Fashion, and the synergies between our product lines provide us with an expanded assortment of high-quality trim and fasteners that will make us an important one-stop solution for our customers,” said Brian Moore, chief executive officer of Prym Fashion. “This is a big step in expanding the Prym name in the US, especially among the fashion brands located in the New York area. Richard is well-known and respected throughout the industry, and we are very fortunate to have him lead our efforts.”
With little overlap in products, customers, or geography, the acquisition provides Prym Fashion with a base of operations from which it can grow business among US-based apparel brands and retailers. The company will look to create greater awareness of the innovative, luxury metal fasteners and L.I.F.E. Certified fasteners produced by Prym Fashion Italia, a recognised leader in the snap fastener and rivet industry. Recently introduced, L.I.F.E. Certified metal fasteners are manufactured to significantly lower the process and environmental footprint of Prym Fashion products compared to conventional manufacturing processes, helping them meet the growing demand for sustainability.
“Sher Plastics has been a family business for nearly 80 years, and we are very confident that the company will continue to grow and flourish with the resources of Prym Fashion behind us,” said Richard Sher. “There is a great cultural fit between our organizations that is marked by the longevity and continuity of both companies, and we are excited by the opportunity to increase the sales of Sher Plastics products globally, especially throughout Europe.”
"While we have been in business since 1530, Prym is continually focused on the future. This acquisition is an example of our commitment to being a leader in each market that we enter, and we look forward to being able to service a global customer base with a more complete range of highly innovative and superior quality products and services,” Dr Ansgar Nonn, chief executive officer of the William Prym Group, added. (RR)
Fibre2Fashion News Desk – India
| On 31st Jul 2021
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